Latest news with #RanaIhsaanAfzal
Business Recorder
26-06-2025
- Business
- Business Recorder
UK trade envoy, PM's rep discuss bilateral economic ties
ISLAMABAD: Mohammad Yasin, the UK Trade Envoy to Pakistan, met with Coordinator to the Prime Minister on Commerce, Rana Ihsaan Afzal, and Additional Secretary Commerce, Nasir Hamid, to advance bilateral economic ties. The meeting focused on enhancing trade, investment, and cooperation between Pakistan and the United Kingdom. Discussions highlighted significant untapped trade potential in high-growth sectors like technology, agriculture, textiles, and renewable energy, aiming to boost economic growth for both nations. The upcoming UK-Pakistan Trade Dialogue was a key agenda item, with both sides planning to use this platform to deepen partnerships, address trade barriers, and explore new opportunities for collaboration. Strategies to diversify the trade basket were thoroughly explored, emphasizing the need to expand the range of goods and services exchanged, including pharmaceuticals, IT services, and green technologies. Both sides expressed optimism about increasing trade volumes and fostering innovation-driven commerce. They reaffirmed their commitment to fostering stronger commercial ties, promoting collaboration in key sectors, and leveraging mutual strengths to enhance economic cooperation, paving the way for a robust bilateral trade framework. Copyright Business Recorder, 2025
Business Recorder
19-06-2025
- Business
- Business Recorder
PM Shehbaz directs for early finalization of national industrial policy
Prime Minister Muhammad Shehbaz Sharif on Thursday directed for early finalization of national industrial policy in consultation with all stakeholders for lasting solution of problems faced by industries and accelerating industrial growth, according to Radio Pakistan. Chairing a high level meeting in Islamabad, he said development of domestic industries is inevitable for export-led economic growth. Pakistan reveals National Tariff Policy draft, aims to eliminate RDs, ACDs in 5 years The Prime Minister said equipping the industries with international standard manpower and technology is the government's top priority. He said recent economic policies have been devised with the aim to give a boost to domestic industries. He mentioned the tariff rationalization policy, and said it will promote investment in the country. During the meeting, recommendations were presented for development of domestic industries. It was informed that the country's manufacturing sector will be revived through an effective industrial policy. In a related development earlier, the federal government unveiled the draft for the National Tariff Policy (NTP) 2025–30 at the Regulatory Reforms Conference on Wednesday. The conference, organised by the Board of Investment (BoI), aimed at advancing regulatory simplification and industrial competitiveness, bringing together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. 'The National Tariff Policy 2025–30 is designed to create a predictable, transparent, and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, read a statement released by the Ministry of Commerce. The NTP 2025–30 outlines ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%).
Business Recorder
19-06-2025
- Business
- Business Recorder
National Tariff Policy draft 2025-30 unveiled
ISLAMABAD: The Government of Pakistan unveiled the draft National Tariff Policy (NTP) 2025-30 during the National Regulatory Reforms Conference organised by the Board of Investment (BoI). The conference, aimed at advancing regulatory simplification and industrial competitiveness, brought together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, represented the Ministry of Commerce and delivered the keynote address on the minister's behalf. In his speech, Afzal underscored the government's strong commitment to rationalising Pakistan's tariff regime, simplifying business processes, and fostering export-led growth. He stated, 'The National Tariff Policy 2025-30 is designed to create a predictable, transparent, and investment-friendly tariff structure. By facilitating duty-free access to raw materials, phasing out Additional Customs Duties (ACDs) and Regulatory Duties (RDs), and supporting nascent and green industries, this policy paves the way for innovation, employment generation, and sustained economic growth.' The NTP 2025-30 outlined ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%). The policy aims to benefit key sectors including textiles, engineering, pharmaceuticals, and IT, while encouraging investment and reducing production costs across the board. Rana Afzal highlighted that the implementation will begin with the reduction of tariffs on approximately 7,000 tariff lines, largely focused on raw materials and intermediate goods, yielding an estimated Rs 200 billion in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally, and shift towards higher value-added exports,' he said. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity, and enhanced investor confidence.' The conference was also attended by Federal Minister for the Board of Investment Qaiser Ahmed Sheikh, Special Assistant to Prime Minister on Industries and Production Haroon Akhtar Khan, senior officials, diplomats, and leading figures from the private sector. Participants lauded the government's efforts to streamline regulation and modernise trade facilitation, calling the draft policy a significant step toward Pakistan's long-term economic transformation. Copyright Business Recorder, 2025
Express Tribune
19-06-2025
- Business
- Express Tribune
Draft tariff policy for 2025-30 unveiled
Listen to article The Government of Pakistan unveiled the draft National Tariff Policy (NTP) 2025-30 during the National Regulatory Reforms Conference organised by the Board of Investment (BOI). The conference, aimed at advancing regulatory simplification and industrial competitiveness, brought together federal ministers, diplomats and private sector representatives for strategic dialogue on Pakistan's economic direction. Coordinator to the Prime Minister on Commerce Rana Ihsaan Afzal underscored the government's commitment to rationalising Pakistan's tariff regime, simplifying business processes and fostering an export-led growth. "The National Tariff Policy 2025-30 is designed to create a predictable, transparent and investment-friendly tariff structure. By facilitating duty-free access to raw material, phasing out additional customs duties and regulatory duties, and supporting nascent and green industries, this policy paves the way for innovation, employment generation and sustained economic growth," he said. The policy outlines ambitious reform goals, including the phasing out of additional customs duties over four years, elimination of regulatory duties and 5th Schedule within five years, and establishment of a simplified four-slab customs duty structure (0%, 5%, 10% and 15%). It aims to benefit key sectors including textile, engineering, pharmaceutical and IT while encouraging investment and reducing production costs across the board. Rana Afzal highlighted that implementation would begin with reduction in tariffs on around 7,000 tariff lines, largely focused on raw material and intermediate goods, yielding Rs200 billion in benefits to trade and industry.
Arab News
18-06-2025
- Business
- Arab News
Pakistan unveils draft tariff policy to drive export-led growth
ISLAMABAD: Pakistan on Wednesday unveiled a draft National Tariff Policy 2025-30 at a regulatory reforms conference, aiming to shift the country toward an export-led growth model by overhauling its trade tariff structure to boost industrial productivity, investment and competitiveness. The event was organized by the Board of Investment (BoI), and attended by senior government officials, diplomats and private sector representatives. The policy sets out sweeping reforms, including the phasing out of Additional Customs Duties (ACDs) within four years, elimination of Regulatory Duties (RDs) and the 5th Schedule within five years, and the creation of a simplified four-tier Customs Duty structure of 0 percent, 5 percent, 10 percent and 15 percent. Key sectors expected to benefit include textiles, engineering, pharmaceuticals and information technology, with the policy designed to lower production costs and attract businesses. 'The National Tariff Policy 2025-30 is designed to create a predictable, transparent and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, at the conference. 'By facilitating duty-free access to raw materials, phasing out ACDs and RDs and supporting nascent and green industries, this policy paves the way for innovation, employment generation and sustained economic growth.' Afzal said implementation will begin with tariff reductions on approximately 7,000 tariff lines, mainly raw materials and intermediate goods, expected to deliver an estimated Rs200 billion ($700 million) in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally and shift toward higher value-added exports,' he added. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity and enhanced investor confidence.' According to an official statement issued by the BoI, the participants lauded the government's efforts to streamline regulation and modernize trade facilitation, calling the draft policy a significant step toward Pakistan's long-term economic transformation.
